// Puig takes majority stake in Charlotte Tilbury valued as much as £1m
// Charlotte Tilbury herself will have a minority stake and will remain as chair, president and creative chief
Charlotte Tilbury has undergone a major upheaval of its ownership after Barcelona-based fashion and fragrance group Puig acquired a majority stake in the British cosmetics retailer.
While full details of the deal remain undisclosed, Puig reportedly made an offer valuing Charlotte Tilbury’s eponymous business – which trades from several standalone stores worldwide alongside a raft of concessions – as at much as $1 billion (£794 million).
Prior to this, the London-based cosmestics retailer and brand had been backed by US venture capital firm Sequoia since 2017.
Private equity firm BDT Capital Partners, which acted as financial advisor to Puig, will invest alongside Puig and hold a minority stake.
Tilbury herself, who will own a minority stake, will continue to serve as chair, president and creative chief officer.
Meanwhile Demtra Pinsent will remain chief executive officer.
“I’m proud to be joining forces with Puig in a strategic partnership that will help us achieve our limitless ambitions,” Tilbury said.
“We’ve reached a pivotal point in our growth since launching seven years ago, and we’re looking forward to unlocking new opportunities with Puig, which is the perfect partner as we build an iconic brand to last.
“Puig drives some of the world’s most distinctive premium fashion and fragrance brands and has always inspired me with how it innovates and reimagines brands through storytelling and creativity, and its respect for founder-led brands like mine. I feel like I’m home.”
Puid chief executive Marc Puig said: “We are beyond excited to partner with Charlotte and her team and support them in the next stage of developing the brand.
“We are proud to welcome Charlotte Tilbury to our family which marks a key milestone in our ambition to develop a strong make-up and skincare business.”
According to accounts filed a Companies House, Charlotte Tilbury generated sales of £101 million and profits of £3.5 million in the year ending December 31, 2018.